PBOC branch chief seeks clarity on digital yuan as legal tender

People’s Bank of China (PBOC) Nanjing branch president Guo Xinming proposed amendments to the administrative law to clarify the digital yuan’s status as legal tender at China’s annual plenary session on Saturday.  

Fast facts

• China’s annual plenary sessions, the “Two Sessions,” is where the two central political bodies — the National People’s Congress ($NPC) and Chinese People’s Political Consultative Conference (CPPCC) — reveal and discuss plans for China’s future policies.
• Meanwhile, He Hengyang, deputy to the $NPC and chief procurator of the Chongqing Municipal Procuratorate, also proposed amendments to the criminal law for guidelines on charges and sentencing of digital yuan-related crimes.
• The deputy said digital yuan-related crimes could violate existing law and citizens’ information protection, data security, and economic and national security.
• The digital yuan, or e-CNY, reached $11.24 billion in historical transactions by the end of 2021.